<div class="phx-topic abstract-wrapper">Work is already under way to develop the scope of the Baltic’s freight market information services.</div>

Work is already under way to develop the scope of the Baltic’s freight market information services.

<div>The Baltic Exchange was established in 1744.LONDON — The Baltic Exchange is weighing a move into container indices as it seeks to leverage its recent <a>acquisition by the Singapore Exchange</a> to widen its global presence beyond the dry bulk shipping markets.“In 2017 we will be providing more freight market benchmarks and move into the LNG [liquefied natural gas] and container spaces,” said Mark Jackson, the newly appointed chief executive of the 242-year-old international shipping marketplace in London.Work is already under way to develop the scope of the Baltic’s freight market information services.“There are plans for a container market index and...

The Baltic Exchange was established in 1744. LONDON — The Baltic Exchange is weighing a move into container indices as it seeks to leverage its recent acquisition by the Singapore Exchange to widen its global presence beyond the dry bulk shipping markets. “In 2017 we will be providing more freight market benchmarks and move into the LNG [liquefied natural gas] and container spaces,” said Mark Jackson, the newly appointed chief executive of the 242-year-old international shipping marketplace in London. Work is already under way to develop the scope of the Baltic’s freight market information services. “There are plans for a container market index and investigations with SGX [Singapore Exchange] to develop a freight LNG index to support its spot LNG pricing and Singapore’s emergence as a regional natural gas market hub,” Jackson said during Singapore Maritime Week. The Exchange, best known for the Baltic Dry Index, which has charted benchmark dry bulk freight rates since 1985, failed to carry through previous attempts to break into the container sector partly due to a lack of support from ship brokers. The Hamburg Shipbrokers Association’s ConTex index, established in October 2007, provides information on 12- and 24-month charter rates for vessels of six sizes, from 1,100 TEU to 4,250 TEU. The container market is quite crowded with indexes focused on spot freight rates, including the Shanghai Containerized Freight Index, China Containerized Freight Index, World Container Index and variations from Drewry Shipping Consultants, Xeneta and Freightos. Several can be found on JOC.com's Market Data Hub . The Baltic also has “ambitious” plans for assisting in the development of a digital maritime market infrastructure to integrate the risk management of cargo and freight. “This will involve working with the industry to develop tools that deliver real-time cargo and freight contract management, messaging workflows, and data standards,” Jackson said. The Singapore Exchange closed on its 87 million pounds ($111 million) acquisition of the Baltic Exchange in November 2016. Contact Bruce Barnard at brucebarnard47@hotmail.com .

Container lines

Baltic Exchange targets container indices

<div class="phx-topic abstract-wrapper">The issue of carrier terminal control is front and center with the coming sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, including on the US East Coast. he issue of carrier terminal control is front and center with the coming sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, including on the US East Coast. </div>

The issue of carrier terminal control is front and center with the coming sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, including on the US East Coast. he issue of carrier terminal control is front and center with the coming sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, including on the US East Coast.

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<div class="phx-topic">As Maher Terminals, the largest terminal at the Port of New York and New Jersey, is being prepped for sale with active discussions under way with potential buyers, a possible unfavorable outcome for the port is for all major terminals ending up owned by ocean carriers. The 450-acre Maher facility in New Jersey, at roughly a third of container capacity and market share within the port, is the last remaining non-carrier owned terminal following the 2023 acquisition by CMA-CGM of previously neutral Global Container Terminals facilities at Bayonne and Howland Hook, other than a small facility in Brooklyn under control of the NYC Economic Development Corp. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6218881_0.1.jpg"></img></div>If Maher were to be sold to a carrier by its owner, Macquarie Asset Management, the result could be several large carriers who don’t own terminals at the port ending up as customers of other carriers. Those carriers and their customers would thus be left at a perpetual disadvantage in terms of berth windows and cargo handling when serving New York-New Jersey. That would make the port less attractive for such carriers versus competitive ports for inland cargo like Virginia that are operated on a neutral basis. “Maher Terminals has combined an exceptional leadership team with expansive capital investment to create a leading neutral stevedoring operation on the East Coast,” said Ken O’Brien, CEO of Gemini Shippers Group. “It is hard to envision how a purchase of the terminal by one of the liner companies would lead to improved service levels.” The other major terminals partly or fully carrier-owned are APM Terminals, a unit of AP Moller-Maersk; and Port Newark Container Terminal, or PNCT, which is 50% owned by Terminal Investment Limited (TiL), the terminal operating business of Mediterranean Shipping Co. (MSC). Different outcomes are possible. If Maher were sold to MSC, the world’s largest carrier and an aggressive acquirer of terminal space in the US and globally, it would likely force MSC to sell its PNCT stake due to antitrust concerns over market dominance at the East Coast’s largest port, according to a knowledgeable source. MSC is one of the parties that have expressed interest in Maher, according to a February <a href="https://www.wsj.com/articles/maritime-giants-target-major-new-york-area-port-terminal-3ba57f47?mod=Searchresults&amp;pos=1&amp;page=1">report</a> in the Wall Street Journal. Such a scenario could leave PNCT in the hands of neutral owners, giving the port a common-user facility. “It is important to the port’s competitiveness to retain a common user facility,” a source said. <h3>Carriers’ healthy appetite for terminal assets </h3>The issue of carrier terminal control is front and center with the impending sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, <a href="https://www.joc.com/article/more-carrier-controlled-terminal-operations-could-be-coming-to-the-east-coast-6207482">including on the US East Coast</a>. For example, if Maher were to fall into the hands of Hapag-Lloyd or Ocean Network Express (ONE), both top-10 carriers that are expanding their terminal portfolios, it could leave the port as essentially a closed shop where non-terminal operating carriers are deprioritized, making the port less competitive overall. The reason is that while carrier-owned terminals often claim to be neutral, in reality they are not. “Within carriers that own terminals, internal debates take place between the port operations team and the liner teams regarding terminals the carrier owns,” said George Goldman, former president of Zim Integrated Shipping Services and CMA CGM in the US. “Third-party terminal revenue is a big deal for the terminal guys, but ultimately decisions pay homage to the mothership and ultimately preference is giving to the carrier.” He added: “Independent carriers really have very little leverage so…I think ultimately it’s a disadvantage for them and the industry.” Such are the implications for non-terminal-owning carriers that — depending on who the buyer is — it could impact alliances and port calls on the US East Coast, said a port expert who asked to remain anonymous. <h3>‘Single-most attractive terminal target in the world’ </h3>The Maher sale, moreover, isn’t just any transaction. It’s the premier terminal property in the heart of the world’s <a href="https://financesonline.com/10-wealthiest-cities-in-the-world-its-not-new-york-or-london-at-the-top/">second-largest</a> metropolitan region by GDP, as well as a dominant player within a strategically located port that over several years has held its own among competitors. The Maher facility is “the single-most attractive terminal target in the world today,” according to the knowledgeable source. The import market share of New York-New Jersey among Northeast ports (including Boston, Philadelphia, Baltimore, and Virginia) was 63.1% in 2025 versus 63.6% in 2020, according to S&amp;P Global Market Intelligence. A further benefit to NY-NJ stems from long-term growth in East Coast market share as Asia manufacturing gravitates south from China, which favors the westbound route into North America. It has been widely reported that Maher will be put up for sale in the coming months by Macquarie. JP Morgan has been named as the sell-side advisor, according to Infralogic, an infrastructure publication. The bank is incentivized to achieve a price possibly as lofty as $6 billion, said the knowledgeable source. Macquarie in December renewed Maher’s lease with the Port Authority of New York and New Jersey for 33 years through 2063, <a href="https://www.joc.com/article/macquarie-seals-deal-for-new-maher-lease-at-nynj-through-2063-6137751">agreeing</a> to terms that include responsibility for upkeep of wharves and berths and a commitment to increase capacity in line with demand. The lease renewal was seen as a critical step in Macquarie’s ability to put the terminal up for sale as it removes uncertainty as to what a buyer is committing to. The knowledgeable source said the terminal, which was acquired by Macquarie from Deutsche Bank in 2016, will attract interest from potential buyers including carrier-owned terminal operators, independent operators like DP World, PSA or Carrix, as well as potentially infrastructure-focused financial players. Yet with indications the port is committed to maintaining a common-user facility within the port, it remains to be seen whether it will intervene to achieve that result given that it has the right to approve the Maher transaction but can’t dictate who the buyer would be. Some port sources speculate that Macquarie would not have renewed the Maher lease without a commitment from the port not to reopen the lease as a condition for approving the sale, which it did to force concessions from CMA-CGM regarding the Global terminals deal. A spokesperson for the port of NY-NJ would only say: “We are unable to comment on possible sales or negotiations.” Macquarie could not be reached for comment. Contact Peter Tirschwell at <a href="mailto:peter.tirschwell@spglobal.com">peter.tirschwell@spglobal.com</a>. </div>

As Maher Terminals, the largest terminal at the Port of New York and New Jersey, is being prepped for sale with active discussions under way with potential buyers, a possible unfavorable outcome for the port is for all major terminals ending up owned by ocean carriers. The 450-acre Maher facility in New Jersey, at roughly a third of container capacity and market share within the port, is the last remaining non-carrier owned terminal following the 2023 acquisition by CMA-CGM of previously neutral Global Container Terminals facilities at Bayonne and Howland Hook, other than a small facility in Brooklyn under control of the NYC Economic Development Corp. If Maher were to be sold to a carrier by its owner, Macquarie Asset Management, the result could be several large carriers who don’t own terminals at the port ending up as customers of other carriers. Those carriers and their customers would thus be left at a perpetual disadvantage in terms of berth windows and cargo handling when serving New York-New Jersey. That would make the port less attractive for such carriers versus competitive ports for inland cargo like Virginia that are operated on a neutral basis. “Maher Terminals has combined an exceptional leadership team with expansive capital investment to create a leading neutral stevedoring operation on the East Coast,” said Ken O’Brien, CEO of Gemini Shippers Group. “It is hard to envision how a purchase of the terminal by one of the liner companies would lead to improved service levels.” The other major terminals partly or fully carrier-owned are APM Terminals, a unit of AP Moller-Maersk; and Port Newark Container Terminal, or PNCT, which is 50% owned by Terminal Investment Limited (TiL), the terminal operating business of Mediterranean Shipping Co. (MSC). Different outcomes are possible. If Maher were sold to MSC, the world’s largest carrier and an aggressive acquirer of terminal space in the US and globally, it would likely force MSC to sell its PNCT stake due to antitrust concerns over market dominance at the East Coast’s largest port, according to a knowledgeable source. MSC is one of the parties that have expressed interest in Maher, according to a February report in the Wall Street Journal. Such a scenario could leave PNCT in the hands of neutral owners, giving the port a common-user facility. “It is important to the port’s competitiveness to retain a common user facility,” a source said. Carriers’ healthy appetite for terminal assets The issue of carrier terminal control is front and center with the impending sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, including on the US East Coast . For example, if Maher were to fall into the hands of Hapag-Lloyd or Ocean Network Express (ONE), both top-10 carriers that are expanding their terminal portfolios, it could leave the port as essentially a closed shop where non-terminal operating carriers are deprioritized, making the port less competitive overall. The reason is that while carrier-owned terminals often claim to be neutral, in reality they are not. “Within carriers that own terminals, internal debates take place between the port operations team and the liner teams regarding terminals the carrier owns,” said George Goldman, former president of Zim Integrated Shipping Services and CMA CGM in the US. “Third-party terminal revenue is a big deal for the terminal guys, but ultimately decisions pay homage to the mothership and ultimately preference is giving to the carrier.” He added: “Independent carriers really have very little leverage so…I think ultimately it’s a disadvantage for them and the industry.” Such are the implications for non-terminal-owning carriers that — depending on who the buyer is — it could impact alliances and port calls on the US East Coast, said a port expert who asked to remain anonymous. ‘Single-most attractive terminal target in the world’ The Maher sale, moreover, isn’t just any transaction. It’s the premier terminal property in the heart of the world’s second-largest metropolitan region by GDP, as well as a dominant player within a strategically located port that over several years has held its own among competitors. The Maher facility is “the single-most attractive terminal target in the world today,” according to the knowledgeable source. The import market share of New York-New Jersey among Northeast ports (including Boston, Philadelphia, Baltimore, and Virginia) was 63.1% in 2025 versus 63.6% in 2020, according to S&P Global Market Intelligence. A further benefit to NY-NJ stems from long-term growth in East Coast market share as Asia manufacturing gravitates south from China, which favors the westbound route into North America. It has been widely reported that Maher will be put up for sale in the coming months by Macquarie. JP Morgan has been named as the sell-side advisor, according to Infralogic, an infrastructure publication. The bank is incentivized to achieve a price possibly as lofty as $6 billion, said the knowledgeable source. Macquarie in December renewed Maher’s lease with the Port Authority of New York and New Jersey for 33 years through 2063, agreeing to terms that include responsibility for upkeep of wharves and berths and a commitment to increase capacity in line with demand. The lease renewal was seen as a critical step in Macquarie’s ability to put the terminal up for sale as it removes uncertainty as to what a buyer is committing to. The knowledgeable source said the terminal, which was acquired by Macquarie from Deutsche Bank in 2016, will attract interest from potential buyers including carrier-owned terminal operators, independent operators like DP World, PSA or Carrix, as well as potentially infrastructure-focused financial players. Yet with indications the port is committed to maintaining a common-user facility within the port, it remains to be seen whether it will intervene to achieve that result given that it has the right to approve the Maher transaction but can’t dictate who the buyer would be. Some port sources speculate that Macquarie would not have renewed the Maher lease without a commitment from the port not to reopen the lease as a condition for approving the sale, which it did to force concessions from CMA-CGM regarding the Global terminals deal. A spokesperson for the port of NY-NJ would only say: “We are unable to comment on possible sales or negotiations.” Macquarie could not be reached for comment. Contact Peter Tirschwell at peter.tirschwell@spglobal.com .

North American ports

Marine terminals

Container Shipping News

Maritime

Impending sale of Maher likely to reshape competitive dynamics at Port of NY-NJ

<div class="phx-topic abstract-wrapper">The 15,900-TEU container ships will be delivered between November 2028 and September 2030 and reflect the continuing dominance of LNG as the new generation fuel of choice for vessel operators ordering new ships.</div>

The 15,900-TEU container ships will be delivered between November 2028 and September 2030 and reflect the continuing dominance of LNG as the new generation fuel of choice for vessel operators ordering new ships.

<div class="phx-topic">Ocean Network Express (ONE) has become the latest carrier to invest in new vessels this year after signing a $1.2 billion order for six 15,900-TEU dual-fuel liquefied natural gas (LNG) container ships. The deal was confirmed by South Korean shipbuilder HD Hyundai Heavy Industries, which said it signed the contract on May 7. Independent shipbrokers also confirmed ONE’s order. British shipbroking house Clarksons said the ships were priced at $203.5 million each, giving a total contract value of over $1.2 billion, a figure confirmed by Hyundai Heavy in a filing to the South Korea stock exchange Friday. The ships will be delivered between November 2028 and September 2030, Clarksons said. HD Hyundai Heavy Industries also confirmed the final ship would be delivered by Sept. 30, 2030. MB Shipbrokers said discussions between ONE and the shipyard had been going on for several months before contracts were signed last Thursday. The deal “further expands ONE’s growing portfolio of alternative-fuel tonnage across multiple yards, including Hyundai Heavy Industries,” MB said in a market report Friday. The latest order follows an earlier contract for eight 15,900-TEU LNG-powered ships that ONE ordered from Hyundai Heavy last June, with the first deliveries beginning in 2028. ONE, <a href="https://www.joc.com/article/one-expects-11-decline-in-fy26-net-profit-due-to-war-in-middle-east-6212215">according to its fiscal 2025 annual results released on April 30</a>, said it had an order backlog of 67 ships at the end of March. Those included a dozen 13,000-TEU dual-fuel ships that will start to be delivered next year, and the balance of an order for 20 13,800-TEU methanol-ready ships ordered in 2023. <h3>Growing dominance of LNG-powered ships </h3>ONE’s deal reflects the continuing dominance of LNG as the new generation fuel of choice for vessel operators ordering new ships. There are more than 6.4 million TEUs of LNG-powered ships currently on order globally, according to data from Sea-web, a sister product of the Journal of Commerce within S&amp;P Global. ONE joins several of its peers, including <a href="https://www.joc.com/article/evergreen-adds-to-order-book-with-deal-for-six-24000-teu-vessels-6201246">Evergreen</a>, <a href="https://www.joc.com/article/cosco-shipping-cu-lines-expand-fleets-with-20-new-container-ships-6215039">Cosco Shipping</a>, <a href="https://www.joc.com/article/oocl-orders-its-first-lng-fueled-ships-with-2-billion-deal-for-12-vessels-6212244">OOCL</a>, and <a href="https://www.joc.com/article/yang-ming-wan-hai-boost-combined-order-book-with-12-new-ships-6185215">Yang Ming</a> in ordering new vessels since the beginning of this year. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="ef78ab1f-3609-44d0-a713-fb260bc40609"></dynamic-object></div>Linerlytica said orders totaling 1.9 million TEUs of capacity were signed in the first four months of this year. As a consequence, the “order book has swelled to a new record high of 13 million TEUs on the back of unrestrained new ship orders,” the shipping data platform said in a May 4 commentary. “Over-capacity will soon catch up with the market, with over 5 million TEUs scheduled to be delivered in 2028 alone,” it added. Indeed, the global order book continues to swell, with total capacity on order currently at 12 million TEUs, 36% of the in-service fleet, according to Sea-web. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>.</div>

Ocean Network Express (ONE) has become the latest carrier to invest in new vessels this year after signing a $1.2 billion order for six 15,900-TEU dual-fuel liquefied natural gas (LNG) container ships. The deal was confirmed by South Korean shipbuilder HD Hyundai Heavy Industries, which said it signed the contract on May 7. Independent shipbrokers also confirmed ONE’s order. British shipbroking house Clarksons said the ships were priced at $203.5 million each, giving a total contract value of over $1.2 billion, a figure confirmed by Hyundai Heavy in a filing to the South Korea stock exchange Friday. The ships will be delivered between November 2028 and September 2030, Clarksons said. HD Hyundai Heavy Industries also confirmed the final ship would be delivered by Sept. 30, 2030. MB Shipbrokers said discussions between ONE and the shipyard had been going on for several months before contracts were signed last Thursday. The deal “further expands ONE’s growing portfolio of alternative-fuel tonnage across multiple yards, including Hyundai Heavy Industries,” MB said in a market report Friday. The latest order follows an earlier contract for eight 15,900-TEU LNG-powered ships that ONE ordered from Hyundai Heavy last June, with the first deliveries beginning in 2028. ONE, according to its fiscal 2025 annual results released on April 30 , said it had an order backlog of 67 ships at the end of March. Those included a dozen 13,000-TEU dual-fuel ships that will start to be delivered next year, and the balance of an order for 20 13,800-TEU methanol-ready ships ordered in 2023. Growing dominance of LNG-powered ships ONE’s deal reflects the continuing dominance of LNG as the new generation fuel of choice for vessel operators ordering new ships. There are more than 6.4 million TEUs of LNG-powered ships currently on order globally, according to data from Sea-web, a sister product of the Journal of Commerce within S&P Global. ONE joins several of its peers, including Evergreen , Cosco Shipping , OOCL , and Yang Ming in ordering new vessels since the beginning of this year. Linerlytica said orders totaling 1.9 million TEUs of capacity were signed in the first four months of this year. As a consequence, the “order book has swelled to a new record high of 13 million TEUs on the back of unrestrained new ship orders,” the shipping data platform said in a May 4 commentary. “Over-capacity will soon catch up with the market, with over 5 million TEUs scheduled to be delivered in 2028 alone,” it added. Indeed, the global order book continues to swell, with total capacity on order currently at 12 million TEUs, 36% of the in-service fleet, according to Sea-web. Contact Keith Wallis at keithwallis@hotmail.com .

ONE to spend $1.2 billion in deal with HD Hyundai for six LNG-powered ships

<div class="phx-topic abstract-wrapper">Shippers reluctant to accept additional bunker costs might have their hand forced by a healthy breakbulk and project cargo pipeline, market participants say.</div>

Shippers reluctant to accept additional bunker costs might have their hand forced by a healthy breakbulk and project cargo pipeline, market participants say.

<div class="phx-topic">Sentiment in the multipurpose vessel (MPV) sector remains positive despite elevated bunker prices driven by the war in the Middle East and closure of the Strait of Hormuz, according to carriers. In the latest One World Market Sentiment Index (MSI), One World Shipbrokers’ Justin Archard said the medium-term six-month MPV outlook remains elevated over current levels, while the 12-month outlook remains “supported by the expectation that emerging energy independence policies around the world will unlock a swathe of new projects for the MPV sector.” The MSI slipped just 0.1 to reach 53.3 in the second-quarter edition published May 7. The index averages responses from an anonymous group of 20 to 30 MPV owners and operators to a set of breakbulk shipping-related questions. A reading of 50 is neutral, indicating a static market. Scores below 50 show pessimism or wariness, while a score above 50 indicates optimism. Despite the current optimism, the sharp rise in bunker prices has not gone unnoticed by the MPV sector, Archard said. “With oil markets and bunker costs having been relatively stable for a long period prior to the Iran war, few carriers are likely to have taken any substantial hedging positions and are therefore either entirely exposed to the hike now or will be if elevated bunker rates continue for a lengthy period,” he said. “With all this in play, it might have been expected [that] sentiment would have deteriorated, but in this edition, the index has hardly moved,” Archard added. <h3>Shippers playing ‘wait-and-see’ </h3>The increase in bunker prices has led to higher voyage costs at a time when some shippers are reluctant to accept the additional cost, said one carrier contributing anonymously to the MSI. “In some cases, we see shippers maintaining a wait-and-see stance on forthcoming planned shipments,” the source added. Another respondent said shippers are reluctant to commit, even with fuel adjustment mechanisms in place. This has led to cargoes trading on the spot market for longer periods, “as counterparties delay decisions, either testing the market or waiting for lower-cost options,” said the second source. A third carrier described shippers withholding cargoes until freight shifts to “reasonable” levels as “nothing [more] than a gamble.” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="188becc9-a589-4175-9104-8df1f8e20148"></dynamic-object></div>Susan Oatway, senior research analyst for breakbulk and project cargo at S&amp;P Global Market Intelligence, noted that MPV freight rates have risen over the past four to six weeks, in line with increased bunker prices. “That is why freight rates have gone up, not because there has been a change in cargo supply and demand,” Oatway said. “Now these bunker price increases have started to be incorporated directly into freight rates.” Data from the JOC Breakbulk Shipper Index suggests that while there are less breakbulk and project cargoes being loaded and discharged in the Middle East, cargoes out of North America and Europe are still stable. “The number of MPVs caught up in the Strait of Hormuz is minor, and the rest of the fleet is re-routing — but they were doing that before this current crisis,” Oatway said. “Shippers have quickly pivoted their project cargo sourcing.” Contact Carly Fields at <a href="mailto:carly.fields@spglobal.com">carly.fields@spglobal.com</a>. </div>

Sentiment in the multipurpose vessel (MPV) sector remains positive despite elevated bunker prices driven by the war in the Middle East and closure of the Strait of Hormuz, according to carriers. In the latest One World Market Sentiment Index (MSI), One World Shipbrokers’ Justin Archard said the medium-term six-month MPV outlook remains elevated over current levels, while the 12-month outlook remains “supported by the expectation that emerging energy independence policies around the world will unlock a swathe of new projects for the MPV sector.” The MSI slipped just 0.1 to reach 53.3 in the second-quarter edition published May 7. The index averages responses from an anonymous group of 20 to 30 MPV owners and operators to a set of breakbulk shipping-related questions. A reading of 50 is neutral, indicating a static market. Scores below 50 show pessimism or wariness, while a score above 50 indicates optimism. Despite the current optimism, the sharp rise in bunker prices has not gone unnoticed by the MPV sector, Archard said. “With oil markets and bunker costs having been relatively stable for a long period prior to the Iran war, few carriers are likely to have taken any substantial hedging positions and are therefore either entirely exposed to the hike now or will be if elevated bunker rates continue for a lengthy period,” he said. “With all this in play, it might have been expected [that] sentiment would have deteriorated, but in this edition, the index has hardly moved,” Archard added. Shippers playing ‘wait-and-see’ The increase in bunker prices has led to higher voyage costs at a time when some shippers are reluctant to accept the additional cost, said one carrier contributing anonymously to the MSI. “In some cases, we see shippers maintaining a wait-and-see stance on forthcoming planned shipments,” the source added. Another respondent said shippers are reluctant to commit, even with fuel adjustment mechanisms in place. This has led to cargoes trading on the spot market for longer periods, “as counterparties delay decisions, either testing the market or waiting for lower-cost options,” said the second source. A third carrier described shippers withholding cargoes until freight shifts to “reasonable” levels as “nothing [more] than a gamble.” Susan Oatway, senior research analyst for breakbulk and project cargo at S&P Global Market Intelligence, noted that MPV freight rates have risen over the past four to six weeks, in line with increased bunker prices. “That is why freight rates have gone up, not because there has been a change in cargo supply and demand,” Oatway said. “Now these bunker price increases have started to be incorporated directly into freight rates.” Data from the JOC Breakbulk Shipper Index suggests that while there are less breakbulk and project cargoes being loaded and discharged in the Middle East, cargoes out of North America and Europe are still stable. “The number of MPVs caught up in the Strait of Hormuz is minor, and the rest of the fleet is re-routing — but they were doing that before this current crisis,” Oatway said. “Shippers have quickly pivoted their project cargo sourcing.” Contact Carly Fields at carly.fields@spglobal.com .

Breakbulk News

Multipurpose vessel sentiment positive despite bunker price volatility

<div class="phx-topic abstract-wrapper">The loss of one-third of global helium output because of the war has given fresh impetus to industrial gas projects in new regions. </div>

The loss of one-third of global helium output because of the war has given fresh impetus to industrial gas projects in new regions.

<div class="phx-topic">The war-forced shutdown of Qatar’s Ras Laffan LNG refinery in March triggered the most serious disruption to the global helium market in more than a decade, prompting shippers to pursue industrial projects in alternative regions. The situation has exposed the vulnerabilities in this critical supply chain, pushed prices up sharply, and prompted a renewed focus on potential new helium production facilities in more secure areas. Components for these industrial facilities are a driver of global project cargo demand. The elimination of one-third of global helium supplies has also highlighted how vital the gas is — including for semiconductor and advanced electronics production, MRI machines and other medical diagnostics equipment, aerospace and defense, and precision manufacturing. The world’s major helium suppliers are tight-lipped on how they are dealing with the shortage, reluctant to share information that could be damaging to their reputation or share price, Phil Kornbluth, president of global industry consultant Kornbluth Helium Consulting, told the Journal of Commerce. “The helium business is an oligopoly consisting of six companies, and they tend to control the flow of information,” he said. “All of them are impacted by the loss of supply from Qatar, but at different levels. Not everyone has equal dependence on Qatar.” Industrial gas supplier and shipper Air Liquide, which sources more than half of its helium supply from Qatar, declared force majeure in March, implementing a supply allocation and pricing surcharges, Kornbluth noted. <h3>New opportunities </h3>More than 90% of the world’s helium is a byproduct of natural gas processing, so output cannot be increased or reduced independently of hydrocarbon production. This is where Thomas Abraham-Jones, CEO and co-founder of Pulsar Helium, sees an opportunity for new exploration and production facilities. Pulsar is pursuing standalone, or “primary helium” exploration, at its Topaz project in Minnesota, where flow testing continues and production potential is being assessed; and at the Tunu project in Greenland, where exploration is under way. “We think production of primary helium will be a gamechanger,” said Abraham‑Jones. “The supply chain for helium has always been fragile; that is now intensifying and there is no plan B.” He said Pulsar has identified geological reserves where there isn’t the typical natural gas flows, but rather “extremely high helium contents,” where as much or as little as required can be produced. “In conversations we have had with end-users, they are certainly very excited by the prospect of a supply that is independent of LNG production,” Abraham-Jones said. “And if fossil fuel production is to be phased down because of climate change, then there would be less helium as a byproduct of natural gas production.” There are big differences between Qatar’s massive output and the potential output of new primary startups. There are as many as 60 helium exploration companies around the world, most of which had not been doing well during a period of oversupply, with prices and investor interest declining, said Kornbluth. “This whole situation has provided a shot of adrenaline for the exploration companies,” he said. “However, an event like this doesn’t enable someone to drastically accelerate their progress toward production. “A handful of small producers are just reaching first production,” Kornbluth added. “...A typical small-scale plant produces 1% of what Qatar does; that is 0.3% of global supply. They can make good money if they can produce reliably, but they are not having significant impact on the balance between supply and demand.” <h3>Higher exploration and production costs </h3>Primary helium projects face a fundamental economic hurdle. Unlike LNG‑linked helium, which is essentially “free” once natural gas is processed, standalone helium must cover the full costs of exploration, drilling, pipelines and processing facilities. On the plus side, these projects are relatively small and do not require flaring. Even so, timelines remain challenging. Modest developments typically need about 12 months for permitting and fabrication, with Pulsar’s Minnesota project still at least a year from first production. Canusa EPC, which designs and delivers helium processing facilities, was awarded in March a CO2 and helium EPC project for US Energy Corp. in Montana. Speaking to the Journal of Commerce, Forrest Churchill, Canusa’s principal for project development, warned against assuming that supply can be scaled quickly. “What’s happening in the Strait of Hormuz is developing far faster than industrial projects can respond,” he said. New equipment typically takes nine months from order to delivery, and any new capacity would not be in production for at least 12 months, Churchill said. Rental plants could shorten timelines, but offer lower margins and limited throughput. For long-distance deliveries, liquefaction is necessary, but a liquefaction plant would take three years to build, he said. Most facilities in the US use pressurized tube trailers to deliver, but that limits distance. “Helium will always find a way out,” Churchill said. “In that high-pressure gas state, the leakage rate limits transport to where you can drive in one to two weeks.” Churchill expects to see incremental capacity additions — small to mid‑scale plants capturing local markets and signing direct supply contracts with end-users, bypassing the majors. He noted that developing new helium projects can be challenging because they are often located in areas without existing infrastructure or services, having no links to historic oil and gas production. “Developers have to consider — how am I going to build it, staff it? There is likely no local knowledge,” he said. Contact Felicity Landon at <a href="mailto:felicity@felicitylandon.com">felicity@felicitylandon.com</a>. </div>

The war-forced shutdown of Qatar’s Ras Laffan LNG refinery in March triggered the most serious disruption to the global helium market in more than a decade, prompting shippers to pursue industrial projects in alternative regions. The situation has exposed the vulnerabilities in this critical supply chain, pushed prices up sharply, and prompted a renewed focus on potential new helium production facilities in more secure areas. Components for these industrial facilities are a driver of global project cargo demand. The elimination of one-third of global helium supplies has also highlighted how vital the gas is — including for semiconductor and advanced electronics production, MRI machines and other medical diagnostics equipment, aerospace and defense, and precision manufacturing. The world’s major helium suppliers are tight-lipped on how they are dealing with the shortage, reluctant to share information that could be damaging to their reputation or share price, Phil Kornbluth, president of global industry consultant Kornbluth Helium Consulting, told the Journal of Commerce. “The helium business is an oligopoly consisting of six companies, and they tend to control the flow of information,” he said. “All of them are impacted by the loss of supply from Qatar, but at different levels. Not everyone has equal dependence on Qatar.” Industrial gas supplier and shipper Air Liquide, which sources more than half of its helium supply from Qatar, declared force majeure in March, implementing a supply allocation and pricing surcharges, Kornbluth noted. New opportunities More than 90% of the world’s helium is a byproduct of natural gas processing, so output cannot be increased or reduced independently of hydrocarbon production. This is where Thomas Abraham-Jones, CEO and co-founder of Pulsar Helium, sees an opportunity for new exploration and production facilities. Pulsar is pursuing standalone, or “primary helium” exploration, at its Topaz project in Minnesota, where flow testing continues and production potential is being assessed; and at the Tunu project in Greenland, where exploration is under way. “We think production of primary helium will be a gamechanger,” said Abraham‑Jones. “The supply chain for helium has always been fragile; that is now intensifying and there is no plan B.” He said Pulsar has identified geological reserves where there isn’t the typical natural gas flows, but rather “extremely high helium contents,” where as much or as little as required can be produced. “In conversations we have had with end-users, they are certainly very excited by the prospect of a supply that is independent of LNG production,” Abraham-Jones said. “And if fossil fuel production is to be phased down because of climate change, then there would be less helium as a byproduct of natural gas production.” There are big differences between Qatar’s massive output and the potential output of new primary startups. There are as many as 60 helium exploration companies around the world, most of which had not been doing well during a period of oversupply, with prices and investor interest declining, said Kornbluth. “This whole situation has provided a shot of adrenaline for the exploration companies,” he said. “However, an event like this doesn’t enable someone to drastically accelerate their progress toward production. “A handful of small producers are just reaching first production,” Kornbluth added. “...A typical small-scale plant produces 1% of what Qatar does; that is 0.3% of global supply. They can make good money if they can produce reliably, but they are not having significant impact on the balance between supply and demand.” Higher exploration and production costs Primary helium projects face a fundamental economic hurdle. Unlike LNG‑linked helium, which is essentially “free” once natural gas is processed, standalone helium must cover the full costs of exploration, drilling, pipelines and processing facilities. On the plus side, these projects are relatively small and do not require flaring. Even so, timelines remain challenging. Modest developments typically need about 12 months for permitting and fabrication, with Pulsar’s Minnesota project still at least a year from first production. Canusa EPC, which designs and delivers helium processing facilities, was awarded in March a CO2 and helium EPC project for US Energy Corp. in Montana. Speaking to the Journal of Commerce, Forrest Churchill, Canusa’s principal for project development, warned against assuming that supply can be scaled quickly. “What’s happening in the Strait of Hormuz is developing far faster than industrial projects can respond,” he said. New equipment typically takes nine months from order to delivery, and any new capacity would not be in production for at least 12 months, Churchill said. Rental plants could shorten timelines, but offer lower margins and limited throughput. For long-distance deliveries, liquefaction is necessary, but a liquefaction plant would take three years to build, he said. Most facilities in the US use pressurized tube trailers to deliver, but that limits distance. “Helium will always find a way out,” Churchill said. “In that high-pressure gas state, the leakage rate limits transport to where you can drive in one to two weeks.” Churchill expects to see incremental capacity additions — small to mid‑scale plants capturing local markets and signing direct supply contracts with end-users, bypassing the majors. He noted that developing new helium projects can be challenging because they are often located in areas without existing infrastructure or services, having no links to historic oil and gas production. “Developers have to consider — how am I going to build it, staff it? There is likely no local knowledge,” he said. Contact Felicity Landon at felicity@felicitylandon.com .

Project cargo

Big drop in Middle East helium production drives alternative projects

<div class="phx-topic abstract-wrapper">The war with Iran, now in its third month, is the prime mover behind the economic uncertainty, the National Retail Federation and Hackett Associates indicated in their latest Global Port Tracker. </div>

The war with Iran, now in its third month, is the prime mover behind the economic uncertainty, the National Retail Federation and Hackett Associates indicated in their latest Global Port Tracker.

<div class="phx-topic">The traditional peak shipping season in the US may effectively pass unnoticed this year, a major retail group suggested Friday, citing weak consumer confidence and retailers hesitant to launch any meaningful restocking given a hazy economic outlook. The war with Iran, now in its third month, is the prime mover behind the economic uncertainty, the National Retail Federation (NRF) and Hackett Associates indicated in their latest Global Port Tracker (GPT). “With inflation rising and consumer confidence falling among global economic uncertainty driven by the conflict in Iran, the overall trend of lower imports is expected to continue...,” Jonathan Gold, NRF’s vice president for Supply Chain and Customs Policy, said in a statement accompanying the group’s forecast. The NRF said US imports in May and June will actually be moderately higher than the year-ago figures, but noted that growth is largely artificial because it’s being compared with May and June 2025 when imports fell sharply following the Trump administration’s implementation of widespread tariffs that April. The true import picture will come into focus in the heart of summer, with the NRF’s July forecast of 2.2 million TEUs down almost 8% year over year. And things will weaken progressively from there, despite August being the traditional start of peak shipping season when retailers stock up ahead of the year-end holidays. The NRF projects August imports at 2.19 million TEUs, down 5.5% year over year; and September at 2.08 million TEUs, 1.3% below the year prior. The fact that September — typically the heart of peak season — is forecast to be one of the weaker import months of 2026 is especially telling. “Containerized imports in the first quarter were down year over year, and forward demand is weakening,” Hackett Associates founder Ben Hackett said in the statement. “<a href="https://www.joc.com/article/potential-new-us-tariffs-cloud-sourcing-strategies-peak-season-demand-6187613">Stalling restocking efforts</a> and rising geopolitical tensions are increasingly clouding the outlook.” This year would be the second in a row without the typical August through October peak season, following last year’s tariff-linked disruptions. “It’s not like we have a traditional peak season anymore,” said Serkan Kavas, executive vice president for imports at the forwarder MTS Logistics. “There may be a couple months peak, year over year, but at the end of the day, the expectations are not that great right now from our customers and from what I’m hearing from industry and from other companies too.” <h3>Consumer confidence at new low </h3>Meanwhile, fresh consumer indicators were grim. The University of Michigan Consumer Sentiment Index, out Friday, fell to a new record low of 48.2, down from 49.8 in April. “About one-third of consumers [surveyed] spontaneously mentioned gasoline prices and about 30% mentioned tariffs. Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump,” Joanne Hsu, the survey’s director, said in a statement. “Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall,” Hsu added. US retail sales in March, the most recent data available, increased 1.7% month over month to $752.1 billion, according to the US Census Bureau, driven mainly by soaring gasoline prices, which do not contribute to retail merchandise imports. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="b0bc7107-6699-4b28-9759-684b190b845a"></dynamic-object></div>Container lines on the eastbound trans-Pacific are nevertheless deploying or planning to deploy progressively more capacity in May through July than they did a year ago. According to ocean freight visibility provider eeSea, carriers are deploying almost 2 million TEUs in May, 2.13 million TEUs in June and just under 2.2 million TEUs in July. That’s up from 1.6 million TEUs, 1.98 million TEUs, and 2 million TEUs, respectively, in May–July 2025. Carriers are also blanking less capacity, according to eeSea: 207,797 TEUs in May, 117,403 TEUs in June, and 50,969 TEUs in July. That compares with 472,948 TEUs, 249,745 TEUs, and 239,573 TEUs, respectively, in the same period last year. The GPT forecasts imports at 13 US ports: Los Angeles, Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Virginia, Charleston, Savannah, Port Everglades, Miami, Jacksonville and Houston. Contact Kevin Saville at <a href="mailto:kevin.saville2@spglobal.com">kevin.saville2@spglobal.com</a>. Contact Bill Mongelluzzo at <a href="mailto:bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>.</div>

The traditional peak shipping season in the US may effectively pass unnoticed this year, a major retail group suggested Friday, citing weak consumer confidence and retailers hesitant to launch any meaningful restocking given a hazy economic outlook. The war with Iran, now in its third month, is the prime mover behind the economic uncertainty, the National Retail Federation (NRF) and Hackett Associates indicated in their latest Global Port Tracker (GPT). “With inflation rising and consumer confidence falling among global economic uncertainty driven by the conflict in Iran, the overall trend of lower imports is expected to continue...,” Jonathan Gold, NRF’s vice president for Supply Chain and Customs Policy, said in a statement accompanying the group’s forecast. The NRF said US imports in May and June will actually be moderately higher than the year-ago figures, but noted that growth is largely artificial because it’s being compared with May and June 2025 when imports fell sharply following the Trump administration’s implementation of widespread tariffs that April. The true import picture will come into focus in the heart of summer, with the NRF’s July forecast of 2.2 million TEUs down almost 8% year over year. And things will weaken progressively from there, despite August being the traditional start of peak shipping season when retailers stock up ahead of the year-end holidays. The NRF projects August imports at 2.19 million TEUs, down 5.5% year over year; and September at 2.08 million TEUs, 1.3% below the year prior. The fact that September — typically the heart of peak season — is forecast to be one of the weaker import months of 2026 is especially telling. “Containerized imports in the first quarter were down year over year, and forward demand is weakening,” Hackett Associates founder Ben Hackett said in the statement. “ Stalling restocking efforts and rising geopolitical tensions are increasingly clouding the outlook.” This year would be the second in a row without the typical August through October peak season, following last year’s tariff-linked disruptions. “It’s not like we have a traditional peak season anymore,” said Serkan Kavas, executive vice president for imports at the forwarder MTS Logistics. “There may be a couple months peak, year over year, but at the end of the day, the expectations are not that great right now from our customers and from what I’m hearing from industry and from other companies too.” Consumer confidence at new low Meanwhile, fresh consumer indicators were grim. The University of Michigan Consumer Sentiment Index, out Friday, fell to a new record low of 48.2, down from 49.8 in April. “About one-third of consumers [surveyed] spontaneously mentioned gasoline prices and about 30% mentioned tariffs. Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump,” Joanne Hsu, the survey’s director, said in a statement. “Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall,” Hsu added. US retail sales in March, the most recent data available, increased 1.7% month over month to $752.1 billion, according to the US Census Bureau, driven mainly by soaring gasoline prices, which do not contribute to retail merchandise imports. Container lines on the eastbound trans-Pacific are nevertheless deploying or planning to deploy progressively more capacity in May through July than they did a year ago. According to ocean freight visibility provider eeSea, carriers are deploying almost 2 million TEUs in May, 2.13 million TEUs in June and just under 2.2 million TEUs in July. That’s up from 1.6 million TEUs, 1.98 million TEUs, and 2 million TEUs, respectively, in May–July 2025. Carriers are also blanking less capacity, according to eeSea: 207,797 TEUs in May, 117,403 TEUs in June, and 50,969 TEUs in July. That compares with 472,948 TEUs, 249,745 TEUs, and 239,573 TEUs, respectively, in the same period last year. The GPT forecasts imports at 13 US ports: Los Angeles, Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Virginia, Charleston, Savannah, Port Everglades, Miami, Jacksonville and Houston. Contact Kevin Saville at kevin.saville2@spglobal.com . Contact Bill Mongelluzzo at  bill.mongelluzzo@spglobal.com .

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